MAM
Gitanjali Group ropes in Sharmila Tagore and Soha Ali Khan as brand ambassadors
MUMBAI: The Gitanjali Group has roped in Sharmila Tagore and Soha Ali Khan as the brand ambassador for its ‘Nizam Collection‘.
The new collection boasts of exquisite jewellery crafted in classic gold and set with uncut diamonds and coloured stones, inspired by the rich cultural heritage of the golden era in the history of Indian art, craft and culture during the Mughal, Rajput and Nizam periods.
The group also unveiled its new campaign with the mother-daughter duo of the royal Pataudi family.
The new campaign captures the essence of the brand symbolising luxury, class and exclusivity with each exquisite piece. The TV commercial showcases how Nizam jewellery, known to make the wearer feel like a Royal Princess, seduces a modern day girl to bring out the lady in her.
It involves an interaction between the mother and daughter while they are dressing up for an important family occasion. Khan, who at first dismisses the traditional attire, converts herself to that look and the campaign captures those moments of transformation and transition that she goes through from being a modern looking girl to emerging as a royal princess as she adorns herself with Nizam jewellery.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
